Fairstone has expanded its operations into five new areas with its two latest acquisitions, bringing in £380mn in assets under management.
The company has bought Station Financial IFA situated across three offices - New Milton in Hampshire, and Bridgend and Chepstow in Wales.
The deal boosts Fairstone’s existing presence in Wales to five offices and adds a fourth office to the firm’s growing footprint in the South West.
It has also completed a takeover of Advanced Financial Services, which doubles the firm’s presence in County Durham - the firm has two offices in Newton Aycliffe and Consett.
Lee Hartley, Fairstone CEO, said: “I’m delighted to welcome the teams from Station and Advanced. Both are trusted, client-centric firms with a long track record of success and importantly both firms share our appetite to grow and develop, making them a perfect fit.”
The two deals bring more than £380mn of assets under management, £4mn in annual revenue, 2,000 clients, 17 advisers and 19 support staff.
Co-principal of Advanced, Philip Bousfield said: “As a small firm, we were looking for the strength of a national brand to support us in scaling our business.
"Joining Fairstone has provided us with the resources we need to ensure that we continue to offer our clients the best possible independent financial advice, both now and in the future.”
Both acquisitions are part of Fairstone’s Downstream Buy Out (DBO) programme which allows for a period of integration before full acquisition.
Leighton Hawkins, co-principal at Station added: “By taking the deal slowly and doing it properly, we have managed it with minimum disruption to our colleagues and most importantly, our clients.”
tara.o'connor@ft.com
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